Bitcoin, Crypto currency, Blockchain

Foley & Lardner: Ethereum, Bitcoin, Ripple, Dash, Zcash, Monero are good investments

3193c9aab7155a640f91b37a4b687f82 - Foley & Lardner: Ethereum, Bitcoin, Ripple, Dash, Zcash, Monero are good investments

The law firm of Foley & Lardner LLP conducted a survey on crypto currencies, with more than 60 professionals, most of whom are investors or business people. The survey was created in March and April 2018, mainly in the United States.

Foley’s Cryptocurrency Survey of 2018 found out that the large majority of the respondents is of the view that their industry should be regulated in the United States at the Federal level.

In spite of the regulatory uncertainty and other risks the majority of respondents are still willing to invest in crypto-currency or to establish companies which operate in this business area. The uncertainty about regulatory Standards and obligations, according to Patrick Daugherty, a Partner and member of the Blockchain Task Force of Foley an obstacle to a healthy product development in the industry.

In addition, the survey found that a strong majority (84%) believes that ICOs should be regulated.

Individual questions in the Overview

What crypto-currency offers in your opinion the best investment opportunity?

Ethereum – 38%
Bitcoin – 35%
Ripple – 5%
Dash – 2%
Zcash / Monero – 2%
No – 9%

Which Cryptocurrency has or is expected to have the widest acceptance for payments for Goods and services?

Bitcoin – 43%
Ethereum – 17%
Ripple – 10%
Dash – 5%
Zcash / Monero – 2%
No – 12%

They believe that the market is surpassed capitalization of Bitcoin of a other crypto-currency?

It is possible, but it is too early to say it – 35%
Yes, within 1 year – 5%
Yes, within 1 to 2 years – 14%
Yes, within 2 to 5 years – 18%
Yes, in over 5 years – 5%
Yes, but I don’t know – 12%
Never – 11%

You expect a “Crash”, or the bursting of the “bubble”?

Yes, in the next 12 months – 41%
Yes, within 2-5 years, 29%
Yes, in about 5 years – 4%
No – 27%

Are you ready to legal risks, if you keep track of your investment in crypto-currency or developing a business with crypto-currencies, as it has done, for example, Uber in its industry?

Yes – 58%
No – 42%

In your opinion, should governments or Central banks create their own crypto-currencies?

Yes – 25%
No – 58%
No Opinion – 17%

Investors should invest in exchange-traded funds (ETFs), the crypto-currencies?

Yes, for Bitcoin and other – 69%
Yes, for Bitcoin, but not for other – 3%
No – 19%
No Opinion – 9%

What is the shape of the TRANS action validation has, in your opinion, the greatest long-term sustainability?

Review of transactions for Mining (Proof-of-Work) – 28%
Validation of transactions via the Hold a certain number of coins (Proof-of-Stake) – 28%
Validation of transactions based on their identity and their Reputation (Proof of Authority) – 14%
No Opinion – 26%

You think that ICOs should be regulated in the USA?

Yes, by the US Federal government – 70%
Yes, as of the individual Federal States, set – 2%
Yes, on the two countries ‘ levels – 12%
No – 16%

You think that the ongoing purchases and sales of crypto-currencies in the US regulated?

Yes, by the US Federal government – 57%
Yes, as of the individual Federal States, set – 2%
Yes, in both – 9%
No on the Federal and state level – 32%

You think that the use of a crypto-currency as a means of payment for Goods and services in the United States should be regulated?

Yes, by the US Federal government – 37%
Yes, as of individual countries – 7%
Yes, at the Federal and state level – 11%
No – 46%

You think that the industry should develop a common set of voluntary Standards?

Yes – 86%
No – 14%

You agree with the following statement: The crypto industry has quite a good understanding of the legal framework at the Federal and state level?

Totally agree – 5%
I agree – 9%
No Opinion – 14%
I agree – 39%
I strongly disagree – 33%

Should create the industry Standards for a formalised model for self-regulation?

Yes, subject to the regulatory supervision – 59%
Yes, independently (no regulatory oversight) – 30%
No – 11%

This survey is due to the small number of persons, not as a representative. Nevertheless, some of the core can be read statements:

  1. The market should be more regulated so that the industry can continue to grow healthy
  2. Both crypto-currencies as well as the ICO should consider’s equally
  3. Bitcoin will prevail for the time being, as a means of payment within the crypto sphere
  4. Uniform industry-wide Standards are needed
  5. Central banks should not create own digital currencies

Some of the heavy weights of the industry such as Nasdaq, a few months ago that the trade for crypto-currencies is ready, when the market is “ready” for it. For the time being, further regulations are necessary in order to facilitate institutional investors ‘ entry into the crypto market.

Disclaimer: — trading in crypto-currencies carries a large financial risk, and can be up to a total loss of the invested capital. does not constitute investment advice and recommendation within the meaning of the securities trading act (WpHG). The website content is intended solely for the Information and entertainment of the reader. The statements made here represent only our own opinion and not a recommendation to buy. Please do your own research, before you invest in crypto-currencies. We do not accept any liability for any kind of damage. Please also read our disclaimer in the imprint. —

Leave a Comment